Hello everyone! I've been lurking for a few months and had good success with some of the letters. Thanks for all the info. Now, here's my situation, I graduate from college in 3 weeks, Bachelors in Nursing. I already have a job that starts 6/3 at about 45k. Me and my wife found a house we really want and need with our kids. We live in a small condo now. My credit has me scared though. I am eligible for VA loan. I had a bk 8 years ago. Since then I have some credit, i.e. new car loan from CU no lates x 1year. CC with cross country no lates, another with cc with 1 30 day, one with providian with 1 30 day all over a year ago. the bad one is a 90 day last fall with a cap 1 200 limit card. I know stupid but i was in school and we were strapped. one old collection for 120 bucks that i am disputing, taken off of all reports except Efax. Also, one other car paid off with no lates. My wife shows the BK also and unfortunately is an auth user on the cap one. I need to remove this from her report. otherwise her credit is good. my scores average 615 and hers 625. Do any of you mortgage people think we have a chance in hell? BTW my wife works for the state for past 5 years, income about 25k. We're in Ft. Lauderdale. Sorry this is so long.
I would suggest you find a good mortgage broker to asssist. My husband and I bought our home in Jan 02 with lower scores that yours with FHA with a good rate. Good Luck!
Welcome lurker With the scores that you have, you should be able to qualify for a mortgage, though I would need additional information before I could give you a quality answer. There are several types of programs that you should qualify for. I am also located in Fl if you would like to email me I will be glad to discuss your situation further off-board. Good luck not matter which direction you turn. fla_tan
We are in FL as well, we just recently qualified for VA with a 2yr old BK at 6.75 rate. The only thing I can see that might be a problem, but if you go with a good broker, they may be able to do something, but VA usually requires 2 years of clean history. They go by debt/income ratios rather than just your credit score. VA is not credit score based. (Which is a good thing for those of us with a prior BK) They are more lenient with their credit qualifications. I would just definatly go with a broker rather than just applying with a mortgage company, let the broker find the lender for you. Just go for a consultation, they will at least tell you where you stand and what you need to do. If all else fails, you may have to write letters of explanation about your lates. Jamee
